Australian-based minerals company, Aura Energy, has announced a major resource upgrade at its Tiris Uranium Project in Mauritania, with uranium resources showing a 52% increase from 19.5 million pounds to 29.6 million pounds.
With the upgrade of resources, Aura Energy will be able to conduct feasibility work as part of updates to the 2019 Tiris definitive feasibility study project work – the results of which are expected by the end of Q1, 2023.
“The significant increase of our M&I resources confirms our confidence that the Tiris province has great expansion potential. Our immediate focus is now to work with our Mauritanian stakeholders, offtake providers, investors and financing partners to progress towards a decision to mine in Q3 CY2023, a target construction timeline of Q4 CY2023 and first production expected in late 2024 or early 2025,” stated Dave Woodall, Managing Director of Aura Energy.
“Our exploration success is creating a strong platform for growth for Aura’s shareholders and our Mauritanian partners, and an exciting new zero-carbon energy source for an increasingly energy-hungry world,” Woodall added.
100% owned by Aura Energy, the Tiris Project is located in the north-eastern part of Mauritania, approximately 1,200km from the capital city of Nouakchott.